Stocks kicked off November on a positive note after being spoked on Halloween. Thursday’s close saw equities lower for October, the first down month since April. The October Employment Report revealed nonfarm payrolls grew by only 12,000. The disruptive forces of hurricanes and the Boeing Labor strike are blamed for the weak employment data.
Earnings reports from major technology companies fell short of investors’ high expectations. However, Amazon’s earnings and guidance offered a welcome highlight during a challenging week for growth stocks.
Tomorrow’s presidential election will be top of mind, followed by Thursday’s Fed Rate decision. The Presidential Forecast Contract Odds and CME Fed Watch Tool provide probabilities for possible outcomes. One thing seems certain: the Fed will cut rates by 0.25%.
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David Bennett